Sage sets spread on $380 million term loan at Libor plus 325 bps

By Sara Rosenberg

New York, Feb. 7 - Sage Products Holdings III LLC firmed pricing on its $380 million covenant-light first-lien term loan due December 2019 at Libor plus 325 basis points, the wide end of the Libor plus 300 bps to 325 bps talk, according to a market source.

As before, the loan has a 1% Libor floor, a par offer price and 101 soft call protection until Dec. 13, 2013.

Barclays and Deutsche Bank Securities Inc. are the bookrunners on the deal.

Proceeds will be used to refinance the existing first-lien term loan that is priced at Libor plus 400 bps with a 1.25% Libor floor.

First-lien leverage is 4 times and total leverage is 6.1 times.

Sage Products is a Cary, Ill.-based health care products manufacturer specializing in skin hygiene products to help prevent or stop infections in medical settings.

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